There is something very ironic about this story. One of the reasons that the American economy is recovering so slowly is the high price of gasoline. That price is pretty much set by OPEC (made up of countries that generally do not like us) and the falling value of the American dollar. One of the solutions to that particular problem would be for America to develop its own oil resources and become energy independent. The Obama Administration has done a fairly good job of blocking any attempt to make that happen (offshore drilling, drilling in ANWR, Keystone pipeline, etc.). American oil companies have been limited in where they can explore for oil and where they can drill. Because American oil companies are in business to make a profit, they are going elsewhere!
The article reports:
Think about how backward things are under Obama—the largest oil company in America is going to be drilling in waters around the Arctic where they expect to find 85 billion barrels in recoverable oil. And instead of sending it to Texas refineries, and thereafter to gas stations across America, the oil will be sent to Russia and refined for their use.
By the way, if extracted at the rate of 1 million barrels a day, 85 billion barrels of oil would last for 85,000 days. 85,000 days equals well over 200 years. Yet here we are, listening to Obama telling us the future is one of wind farms, electric cars, and a companies like Solyndra.
Perhaps we’ll get lucky and Russia will sell us some of their oil. If Obama keeps us in this energy stranglehold we’re going to need it.
It seems that one of the casualties of the Obama Administration’s energy policy is common sense.